ING Groep NV's Padhraic Garvey and Benjamin Schroeder stated in a report that the 10-year US Treasury yield "currently appears content to remain above 4%."

The interest rate strategists noted, "US Treasuries are treading water and should have performed better on Tuesday, a risk-off day." Yields on US Treasuries edged lower on Tuesday, though the decline was minimal. They added that the 10-year yield "is not at particularly elevated levels." According to Tradeweb data, Treasury yields dipped slightly, with the 10-year yield down 1.9 basis points to 4.070%.